Coventry businessman Gary Hoffman has pledged he won’t give up in his bid to buy the Sky Blues.

Mr Hoffman spoke out after the failure of a third “significant and generous” offer by a consortium he is leading to buy Coventry City from current owners Sisu, as reported exclusively by the Telegraph on Wednesday.

The former chairman of Visa and a Sky Blues fan for 50 years told talkSPORT show host Jim White this morning: “I’m not going to give up because this is so close to my heart, my family’s heart and many tens of thousands of people in Coventry.”

The Telegraph understands the latest bid involves just over £2m cash up front and would allow Sisu to keep the club’s Ryton training ground to sell for housing – a land deal that could be worth up to £6m given its rural location.

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“It’s clear that they’ve invested quite a bit of money. But if you’ve got a house that’s worth £200,000 and you’ve got a mortgage on it for a lot more. Someone’s not going to come in and offer to pay for the value of the home and the mortgage.

“Somehow we need to find a way through this that’s in the interests of Sisu and in the interests of CCFC.

“It’s not easy. There are some historical relationships that make this difficult but I think let bygones be bygones and do the right thing for Coventry fans, and the right thing for Sisu also.”

Mr Hoffman admitted he was disappointed the three offers made so far had been rejected but vowed to carry on.

“What I do know is that we have put forward three offers which are clearly not enough because they have been rejected quickly,” he said.

“I understand that and take it on the chin. I am disappointed each time and I hate raising fans’ hopes.

“We may be too far and away and never be able to hammer out a deal because of what they are prepared to accept and what we are prepared to pay.

“But I hope there is a deal to be done that can bridge the gap and that gives the current owners no need to invest in the future and a lot of upside. But above all, Coventry fans a home and lots of hope.

Joy Seppala, Sisu boss; and Gary Hoffman, former CCFC vice chairman

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“I’m very happy to talk any place, any time, anywhere to see if we can get a deal done.”

Mr Hoffman also repeated plans to make sure the Sky Blues stayed at the Ricoh Arena and said if the consortium’s bid is successful it would be looking to negotiate a long-term deal to continue playing there.